World Bank offers US$3 billion to Ukraine

New funds are in addition to existing US$3.7 billion investment program

WASHINGTON – The World Bank is to provide Ukraine with up to US$3 billion in 2014 to support the Ukrainian people, according to a statement released on its website on Monday.

World Bank Group President, Jim Yong Kim said, "We are committed to supporting the people of Ukraine in these difficult times and very much hope that the situation in the country stabilizes soon."

"We are moving forward with our pipeline of projects and aim to support the government to undertake the reforms badly needed to put the economy on a path to sustainability,” he added.

The World Bank has an ongoing US$3.7 billion Ukrainian investment and guarantee program which aims to improve public services such as water supply, sanitation, power and roads.

The statement identified other medium- and long-term priorities for Ukraine, such as restoring macroeconomic stability, reforming the energy sector, tackling corruption, enhancing the investment climate and better targeting social assistance towards the poor and the vulnerable.